Apple Reports Better-Than-Expected Quarter Driven By iPhone Sales

Apple reported stronger-than-anticipated iPhones sales in its second-fiscal quarter earnings report today. "The highlight of Apple's report was iPhone sales, which grew from the year-ago quarter even as the broader smartphone industry contracted nearly 15% during the same time," reports CNBC, citing an IDC estimate. "IPhone revenue grew 2% during the quarter, suggesting that parts shortages and supply chain issues that had hampered the product for the last few years, including an iPhone factory shutdown late last year, had finally abated." From the report: Here's how the company did versus Wall Street expectations per Refinitiv consensus expectations: EPS: $1.52 vs. $1.43 expected Revenue: $94.84 billion vs. $92.96 billion expected Gross margin: 44.3% vs. 44.1% expected Apple reported $24.16 billion in net income during the quarter versus $25.01 billion last year. Overall revenue was down 3% from last year's $97.28 billion in sales. Here's how Apple's individual product lines did versus StreetAccount consensus expectations: iPhone revenue: $51.33 billion vs. $48.84 billion expected Mac revenue: $7.17 billion vs. $7.80 billion expected iPad revenue: $6.67 billion vs. $6.69 billion expected Other Products revenue: $8.76 billion vs. $8.43 billion expected Services revenue: $20.91 billion vs. $20.97 billion expected

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